iBankCoin
I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,789 Blog Posts

Watching how the Market Digests the Big Move

One of the key elements to yesterday’s trend that should have kept me from fading early on was the opening type.  Yesterday we saw a classic opening drive: the market opened above the value area highs spanning four days and didn’t look back.

Today we’re seeing a more balanced session overnight, with the action taking place within yesterday’s upper volume distribution.  I’ll be keying off the price action inside the upper boundaries of the P-shaped profile.  The single prints below can get slippery, should price trade back down into them, I’m playing for a swift move through them; a crushing blow to the bulls.

But mostly, I’m looking for digestion of yesterday’s move.  Should price consolidate within this upper distribution, we could see individual stocks fare very well.

ES_VolumeProfile_05152013

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